Tesla Motors (NASDAQ:TSLA) has officially closed the acquisition of Solar City (NASDAQ: SCTY) this Monday, after it was approved by shareholders of both companies. The buyout is valued at $2.6 billion. The deal, while approved, has its fair share skeptics, who claim that the solar energy company brings an unnecessary risk to Tesla, which expects to launch the Model 3 vehicle next year, start mass production, and open a the new $5 billion Gigafactory to produce batteries.
To show the power of the vision that Tesla CEO Elon Musk is building, Tesla just announced a major solar energy project – powering an entire island. The Ta’u Island in American Samoa, which until recently was powered by diesel generators now rans on 5,328 microgrid of solar energy panels and batteries that supply “nearly 100 percent” for the islands 600 residents.
Tesla has transitioned from being solely an electric car manufacturer to also being an important player in the energy sector a while back, and now accelerated the process. The company is now providing the Powerwall and Powerpack batteries to integrate with solar to harness the abundant power of the sun and reduce our reliance on fossil fuels. In addition the company recently revealed the Solar Roof, which are, “residential solar panels convert solar energy into electricity for your home.”